BELLARTI: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BELLARTI
Largest movements
- Cash +€12,429
up €12,429 (+993.5%), from €1,251 to €13,680
mainly Stocks and contracts (+€11,425) and Depreciation (+€11,415)
- Stocks and contracts -€11,425
down €11,425 (-19.0%), from €60,024 to €48,599
of which Contracts in progress: -€12,828
- Tangible fixed assets -€11,415
down €11,415 (-65.8%), from €17,344 to €5,929
of which Plant, machinery and equipment: -€9,434
- Receivables within one year +€2,196
up €2,196 (+17.4%), from €12,601 to €14,798
of which Trade receivables: +€1,731
- Profit (loss) carried forward +€9,924
up €9,924 (+7.5%), from -€132,761 to -€122,837
- Debts after one year -€9,492
no longer reported in 2025 (was €9,492)
- Tax, wage and social debts -€5,089
no longer reported in 2025 (was €5,089)
- Other debts -€4,623
down €4,623 (-3.3%), from €142,209 to €137,586
- Trade debts +€3,130
up €3,130 (+26.3%), from €11,901 to €15,031
- Staff costs -€32,306
down €32,306 (-90.9%), from €35,528 to €3,222
- Gross operating margin -€3,393
down €3,393 (-10.9%), from €31,151 to €27,758
- Depreciation -€2,284
down €2,284 (-16.7%), from €13,699 to €11,415
- Financial charges -€531
down €531 (-49.2%), from €1,078 to €547
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,265 | €83,051 | -€8,215 | -9.0% |
| Fixed assets | 21/28 | €17,389 | €5,974 | -€11,415 | -65.6% |
| Tangible fixed assets | 22/27 | €17,344 | €5,929 | -€11,415 | -65.8% |
| Plant, machinery and equipment | 23 | €15,363 | €5,929 | -€9,434 | -61.4% |
| Furniture and vehicles | 24 | €1,981 | - | -€1,981 | |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €73,876 | €77,077 | +€3,201 | +4.3% |
| Stocks and contracts in progress | 3 | €60,024 | €48,599 | -€11,425 | -19.0% |
| Stocks | 30/36 | €41,375 | €42,778 | +€1,403 | +3.4% |
| Contracts in progress | 37 | €18,649 | €5,821 | -€12,828 | -68.8% |
| Amounts receivable within one year | 40/41 | €12,601 | €14,798 | +€2,196 | +17.4% |
| Trade receivables | 40 | €11,295 | €13,026 | +€1,731 | +15.3% |
| Other amounts receivable | 41 | €1,307 | €1,772 | +€465 | +35.6% |
| Cash at bank and in hand | 54/58 | €1,251 | €13,680 | +€12,429 | +993.5% |
| Total equity and liabilities | 10/49 | €91,265 | €83,051 | -€8,215 | -9.0% |
| Equity | 10/15 | -€112,301 | -€102,377 | +€9,924 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€132,761 | -€122,837 | +€9,924 | +7.5% |
| Amounts payable | 17/49 | €203,567 | €185,428 | -€18,139 | -8.9% |
| Amounts payable after more than one year | 17 | €9,492 | - | -€9,492 | |
| Financial debts | 170/4 | €9,492 | - | -€9,492 | |
| Amounts payable within one year | 42/48 | €170,756 | €162,109 | -€8,647 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €11,557 | €9,492 | -€2,065 | -17.9% |
| Trade debts | 44 | €11,901 | €15,031 | +€3,130 | +26.3% |
| Suppliers | 440/4 | €11,901 | €15,031 | +€3,130 | +26.3% |
| Taxes, remuneration and social security | 45 | €5,089 | - | -€5,089 | |
| Remuneration and social security | 454/9 | €5,089 | - | -€5,089 | |
| Other amounts payable | 47/48 | €142,209 | €137,586 | -€4,623 | -3.3% |
| Accrued charges and deferred income | 492/3 | €23,319 | €23,319 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €35,528 | €3,222 | -€32,306 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,699 | €11,415 | -€2,284 | -16.7% |
| Other operating charges | 640/8 | €2,632 | €2,763 | +€131 | +5.0% |
| Gross operating margin | 9900 | €31,151 | €27,758 | -€3,393 | -10.9% |
| Operating profit (loss) | 9901 | -€20,709 | €10,358 | +€31,067 | |
| Financial income | 75/76B | €74 | €113 | +€39 | +53.4% |
| Recurring financial income | 75 | €74 | €113 | +€39 | +53.4% |
| Financial charges | 65/66B | €1,078 | €547 | -€531 | -49.2% |
| Recurring financial charges | 65 | €1,078 | €547 | -€531 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,712 | €9,924 | +€31,637 | |
| Profit (loss) for the period | 9904 | -€21,712 | €9,924 | +€31,637 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,712 | €9,924 | +€31,637 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.